I’m writing this amidst loud cheers and celebrations in the Pune office. After our tremendous close to FY 21-22 on March 31st, everyone’s super pumped again!
As I put on my party hat, I’m over the moon to announce that we've raised $25 Million in a Series B round co-led by General Catalyst and Elevation Capital.
The round also included participation from leading Silicon Valley investors - Vinod Khosla and Khosla Ventures, as well as a new investor, Optum Ventures.
It comes just 6 months after we raised a $12M Series A round, bringing the total funds raised to a whopping $40 Million.
It’s all very exciting and the best time to look at the bigger picture and see how close we are to completing it.
An Idea That Could Save Millions Of Lives
In every meeting I’ve had with the founders, Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, I’ve been nothing short of inspired. Whether it’s the journey up till now or the plans for the future, the quartet is extremely inspirational.
Back in 2018, they realized that there is a lack of quality primary care. Doctors see up to 200 patients a day, spending just 2-3 mins with each, with no effort put into preventive care. And insurance, the one industry that should care about preventive care was almost disconnected from healthcare completely.
Soon, they set out to change this and fix healthcare. To hire and incentivize doctors to keep people healthy and not just treat them when they are sick. The idea was to bring insurers and doctors on the same side for once and build India’s first health assurance model. That’s how Loop was born.
As of today, we deliver health assurance to 130,000+ people across 300+ companies pan India.
Successfully Changing The Healthcare Landscape
Fast-forward to 2022, I’d consider myself lucky to be a part of such an enriching, high-performance environment first-hand.
We take care of the employees of our client companies through group health insurance plans from prominent insurers, bundled with an instant, unlimited, primary care experience. The Loop health benefits include access to a dedicated family doctor, unlimited consultations with Loop’s in-house specialists, and discounts on lab tests.
Whether it’s the product team, engineering, medical team, the customer success team, or the marketing team, we are all working towards the same goal of providing value. During the second wave of the COVID-19 pandemic, we offered “home quarantine kits” to COVID-positive members who had to be isolated at home.
Over the course of my time at Loop, I’ve also spent time interacting with our clients. I’ve repeatedly and unanimously heard them praise us.
You don’t have to take my word for it, read about our client Livio’s experience and take their HRs’ word for it.
What The Future Holds
As I collect my thoughts to write, I can’t help but be in awe of the growth we’ve had in such a short time. Of course, I’ve heard it at our town halls and meetings. But putting pen to paper really shows the effort, time, and hours we as a team have put in to achieve all this.
There was a time when the growth and marketing team that I’m a part of had just a handful of members out of the total 50 employees. Today we’re a solid team of 15 and the total number of employees is 300+. We’ve also recorded tremendous growth in FY 2021-22, recently growing at a clip of 30% month-on-month and 5x revenue growth from the previous financial year.
The $10B health insurance market is growing at a 25% CAGR and with employer health insurance being a federal mandate, this number is only going to surge.
What you see is just the beginning.
“Loop’s healthcare-first mission aligns deeply with our thesis that an outcome-focused solution is needed to crack an age-old market that sells insurance as a commodity. Since we co-led the Series A, the team has demonstrated this in plenty, growing 3X in three quarters. The founders have built a stellar team across tech, product, and business that’s looking to solve the hardest challenges in insurtech and healthtech,” said Mayank Khanduja at Elevation Capital.
After our mini funding bash at the office, we were told about how we’re planning to use the fresh funds. Primarily, it is to drive sales growth, product development, and strategic hiring so as to scale our new health assurance delivery model to millions of people across India.
With every passing quarter, we reach new heights. The year is still young, and we’ll check back in soon with newer, more exciting updates.
Commenting on the funding, Vinod Khosla, Founder, Khosla Ventures, said, “Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage."
About Our Investors
About Elevation Capital
Elevation Capital is a leading venture capital firm that provides seed and early-stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002 deploying almost $2 billion of capital in over 150 companies.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time.
About Khosla Ventures
Khosla Ventures makes early-stage venture capital investments and provides strategic advice to entrepreneurs building companies with lasting significance. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems.